OOH, I WANT THAT NOW!!!!!!!!

According to FOX News Americans owe over $900 billion in credit card debt.

According to AFFIL (Americans For Fairness In Lending)

African Americans- Eighty-four percent of African American credit cardholders carry a credit card balance, compared to 75% of Hispanics and 51% of whites. This makes people of color more vulnerable to arbitrary interest rate increases and other industry profit-boosting tactics.

College Students- Seventy-nine percent of college student cardholders do not pay off their balance in full each month. Eleven percent of college students make less than the minimum payment each month, making themselves subject to penalty interest rates and fees.

This is not to meant to scare anyone. Having credit is a good thing as long as it is good credit. Having credit to your name can get you that nice car you want, the expensive house you've had your eyes on, and even your dream job. Yes, jobs do check your credit when looking to hire you.

And credit cards are so easy to get... Almost every major store offers some kind of credit card to people, even Wal Mart.

The major goal is to be cautious when getting one because according to some people Americans do not become responsible with their money until they are already in debt. Where does this thought come from? Well, according MSN... "A cap, a gown, a degree, maybe a hangover and an average of $20,000 in debt: Thats what graduating students are leaving college with." This is not including student loans.


Even with these facts in this troubling economy it seems extremely hard to avoid spending money...and when there is no money to spend it seems extremely hard to avoid pulling out a credit card and charging something because people like Lil Wayne and Fat Joe are telling people to "Make It Rain (spend all the money you got)."

So, to combat this it has been raised that children should be tought how to manage money at an early age. The American Bankers Association Edcuation Foundation (ABAEF) has been talking to kindergartners and up about money management since 1997.

Or since the credit card business is so lucrative, another option is to just help people have a little more money in their pockets from the day that they are born...In 2007 a bill was proposed to give every child in California a start of $500 the day they were born and this money would grow in a bank account until the day they turn 18. After turning 18 the initial $500 would have to be payed back and the rest of the money the person could do whatever they want with it. Sounds good??? After all, the future does lay in the hands of our children...


Well, until there is a solution to the bad economy or the credit card debt rate drops...do research and think before getting a credit card and using it.

The industry is dominated by a few major players. Just six companies - Bank of America, JPMorgan Chase, Citigroup, Capital One, Discover, and American Express - account for about 90% of all credit card debt.

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